INSIDE COMPLIANCE

On January 23, 2025, President Trump signed an executive order aimed at supporting the growth of digital assets and blockchain technologies across the American economy, mitigating risks associated with Central Bank Digital Currencies (CBDCs), and protecting fair and open access to banking services for all private-sector entities. This executive order was created following accusations from industry leaders in digital assets who claim that banking regulators at the Federal Deposit Insurance Corporation (FDIC) were encouraged by the Biden administration to instruct banks to deny banking services to digital asset companies, also known as debanking. To investigate these claims further, the United States Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing on February 5, 2025 to hear directly from industry leaders about the depth and impact of the allegations.